Please answer the following questions for Apple. 1. What is the amount of Apple's accounts receivable as of 9/29/2018? Compute Apple's accounts receivable turnover as of 9/29/2018. 3. How long does it take on average for the company to collect receivables? 4. Apple's most liquid assets include: a. Cash and cash equivalents b. Short-term marketable securities c. Receivables d. Inventory Compute the percentage that these liquid assets make up of current liabilities as of 9/29/18 and 9/30/17. Comment on the company's ability to satisfy its current liabilities as of 9/29/18 compared to 9/30/17. Apple Inc. CONSOLIDATED BALANCE SHEETS (in millions, except number of shares which are reflected in thousands and pare ) September 28 September 30, ASSETS: 25.913 40 388 Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventories Vendor non-trade receivables Other current assets Total current assets 20.289 53.892 17 874 23,185 3,955 25,809 12017 131,339 17.799 13 935 128.645 170.709 41,304 Non-current assets Marketable securities Property, plant and equipment net Other non-current assets Total non-current assets Total assets 194714 33,783 18.177 246 674 375 319 365.725 SHAREHOLDERS' EQUITY Current liabilities Accounts payable Other current liabilities Deferred revenue Commercial paper Term debt Total current liabilities 55.888 32 687 7,543 11,964 8.784 116.888 44.242 30,551 7548 11 977 6.495 100,354 Non-current liabilities Deferred revenue Term debt Other non-current liabilities Total non-current liabilities Total abilities SR 2,836 97.207 40.415 140.458 241.272 Commitments and contingencies 35.857 98.330 Shareholders' equity Common stock and additional paid-in capital, 50.00001 par value: 12,600,000 shares authorized 4,754,986 and 5,126,201 shares issued and outstanding, respectively Retained earnings Accumulated other comprehensive Income loss) Total shareholders equity Total liabilities and shareholders equity 40 201 70400 (3.454) 107.147 365,725 134047 $ 375 319 See accompanying Notes to Consolidated Financial Statements. Apple Inc. 2016 Form 10-K40 Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except number of shares which are reflected in thousands and per share amounts) September 24, 2016 September 29, 2018 265,595 163,756 101,839 Net sales Cost of sales Gross margin Years ended September 30, 2017 229,234 141,048 88,186 $ 215,639 131,376 Operating expenses Research and development Seling, general and administrative Total operating expenses 14.236 16,705 30,941 11,581 15,261 26,842 10.045 14,194 24.239 Operating income Other income expense), net Income before provision for income taxes Provision for income taxes Net income 70,898 2005 72.903 13,372 59,531 61,344 2,745 84,089 15,738 48,351 60,024 1,348 61,372 15,685 45,687 Earnings per share: Basic Diluted 12.01 11.91 $ $ 9.27 9.21 $ $ 8.35 8.31 Shares used in computing earnings per share: Basic Diluted 4,955,377 5,000. 109 5.217.242 5,251,692 5,470,820 5,500 281 See accompanying Notes to Consolidated Financial Statements. Apple Inc. 2018 Form 10-K 38